StealthGas will continue to diversify fleet, record H1 earnings


StealthGas reported an all-time record net income of $27.3 million for the 2023 first six-month period with strong profitability continued for the second quarter with net Income of $10.5 million for the April – June three-months. 

Harry Vafias, StealthGas CEO, said the second quarter of high profitability resulted in an EPS of $0.71 for the first half of 2023. He also said the Nasdaq-listed company will “continue to diversify the fleet with the timely addition of bigger sized vessels”. 

During the quarter the company largely focused on reducing debt, repaying $105 million thus greatly reducing interest expenses. 

At the same time the Board authorised the repurchase of shares that Vafias said started late in the previous quarter and by the end of the second quarter over 1 million worth of common shares had been purchased.

“We are at the fortunate position where we can deleverage, diversify, repurchase stock and maintain strong liquidity concurrently. 

“Despite any seasonal fluctuations the market remains relatively firm and we expect an upturn in the winter months. We remain positive for the medium-term outlook of the LPG shipping market,” said Vafias.

About 80% of fleet days are secured on period charters for the remainder of 2023, with total fleet employment days for all subsequent periods generating approximately $90 million in contracted revenues excluding joint venture vessels. 

Revenues came in at $36.7 million for second quarter despite having reduced fleet from 34 vessels from 12 months ago to 29 vessels at the end of the 2023 quarter.

During the quarter the sale of the Eco Czar, the Eco Nemesis, the Eco Texiana and the Eco Enigma and have been delivered and entered into an agreement to sell the Eco Dream and Eco Green with forward delivery in January 2024.

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